Innovate Biopharmaceuticals Announces Corporate Update and Expected Date for Second Quarter Earnings Release
15 Luglio 2019 - 11:30PM
Innovate Biopharmaceuticals, Inc. (Nasdaq: INNT), a clinical stage
biotechnology company focused on developing novel therapeutics for
autoimmune and inflammatory diseases, today announced the
commencement of succession planning activities for its chief
executive officer. The company expects to search for a permanent
chief executive officer to work with the management team on
progressing the current Phase 3 celiac disease trial of larazotide
acetate and identifying and pursuing potential non-dilutive sources
of capital.
Dr. Anthony Maida III, the independent director expected to
chair the search efforts for a new chief executive officer noted,
“Dr. Laumas stepped into the chief executive officer role at a
critical time for Innovate and has been successful on a number of
fronts, including with respect to financing, starting the Phase 3
for larazotide acetate, key R&D collaborations and building out
the management team. His continued service to the company as
executive chairman is appreciated by all. We look forward to a
thorough process in identifying our chief executive officer.”
Sandeep Laumas, M.D., currently the executive chairman and chief
executive officer of Innovate, said, “When I stepped into the chief
executive officer role earlier this year, we anticipated that after
completing certain company milestone events, we may search for a
new chief executive officer. Given our recent progress, we believe
it is now time to identify and bring on a new person to fill the
chief executive officer role.” Dr. Laumas continued, “Our recent
addition of an experienced public company CFO further strengthens
our internal controls, reporting, analysis and forecasting
capabilities.”
Additionally, Innovate announced that it expects the second
quarter earnings release on August 8, 2019.
About Innovate Biopharmaceuticals, Inc. (Nasdaq:
INNT)Innovate is a clinical stage biotechnology company
focused on developing novel therapeutics for autoimmune and
inflammatory diseases. Innovate’s lead drug candidate, larazotide
acetate, has a mechanism of action that renormalizes the
dysfunctional intestinal barrier by decreasing intestinal
permeability and reducing antigen trafficking, such as gliadin
fragments in celiac disease, and bacterial toxins and immunogenic
antigens in nonalcoholic steatohepatitis (NASH). In several
diseases, including celiac disease, NASH, Crohn’s disease,
ulcerative colitis, irritable bowel syndrome (IBS), type 1 diabetes
mellitus (T1DM), chronic kidney disease (CKD), the intestinal
barrier is dysfunctional with increased permeability.
Forward Looking StatementsThis press release
includes forward-looking statements including, but not limited to,
statements related to succession planning and our management team,
the development of drug candidates, our operations and business
strategy, capital raising, our expected financial results, and
corporate updates. The forward-looking statements contained in this
press release are based on management’s current expectations and
are subject to substantial risks, uncertainty and changes in
circumstances. Actual results may differ materially from those
expressed by these expectations due to risks and uncertainties,
including, among others, those related to our ability to identify,
recruit and retain key talent, obtain additional capital on
favorable terms to us, or at all, including, without limitation, to
fund our current and future preclinical studies and clinical
trials, including, without limitation, raising additional funds for
our phase 3 trial for INN-202, and the success, timing and cost of
our drug development program and our ongoing or future preclinical
studies and clinical trials, including, without limitation, the
possibility of unfavorable new clinical and preclinical data and
additional analyses of existing data, as well as the risks that
prior clinical and preclinical results may not be replicated. These
risks and uncertainties include, but may not be limited to, those
described in our Annual Report on Form 10-K filed with the SEC on
March 18, 2019, and in any subsequent filings with the SEC.
Forward-looking statements speak only as of the date of this press
release, and we undertake no obligation to review or update any
forward-looking statement except as may be required by applicable
law.
SOURCE: Innovate Biopharmaceuticals, Inc.
Contact:Jennifer K. Zimmons, Ph.D.Investor RelationsTel:
+1-917-214-3514Email:
jzimmons@innovatebiopharma.comwww.innovatebiopharma.com
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